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Dec 31, 2020
Centerspace Q4 2020 Earnings Report
Announced financial and operating results for the year ended December 31, 2020 and provided 2021 financial outlook.
Key Takeaways
Centerspace reported a net loss of $(0.15) per diluted share for the year ended December 31, 2020, compared to net income of $6.00 per diluted share for the year ended December 31, 2019. Core FFO increased to $3.78 per diluted share compared to $3.72 for the year ended December 31, 2019. Same-store revenue increased 2.1% driven by 1.7% growth in rental revenue and 0.4% increase in occupancy.
Rebranded the Company as Centerspace in December 2020 to reflect both the transformation of the company and its vision for the future.
Net Loss was $(0.15) per diluted share for the year ended December 31, 2020, compared to Net Income of $6.00 per diluted share for the year ended December 31, 2019.
Core FFO increased to $3.78 per diluted share compared to $3.72 for the year ended December 31, 2019.
Same-store revenue increased 2.1% driven by 1.7% growth in rental revenue and 0.4% increase in occupancy.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
Centerspace is providing the following guidance for its 2021 calendar year performance.
Positive Outlook
- Revenue growth between -0.5% and 3.0%
- Controllable expenses growth between 5.0% and 8.5%
- Non-controllable expenses growth between 2.5% and 6.0%
- Total Expenses growth between 4.0% and 7.5%
- NOI between $94,200 and $97,600
Challenges Ahead
- Interest expense between $(28,650) and $(30,000)
- Preferred dividends $(6,430)
- General and administrative and property management between $(23,670) and $(22,000)
- Casualty losses between $(1,750) and $(1,250)
- Non-real estate depreciation and amortization $(280)
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
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